Whitecap Resources Inc. · TSX:WCP
Whitecap Resources — Investor Presentation (January 2026)
39 slides from Whitecap Resources's investor presentation, Jan 19, 2026
Slide 1: Corporate Presentation
CORPORATE PRESENTATION Generating Strong Returns Through Commodity Price Cycles January 2026
Slide 2: Corporate Overview
2 CORPORATE OVERVIEW 7th Largest Canadian Oil & Gas Producer1 ~$14 Billion ~$17 Billion Market Capitalization Enterprise Value 372,500 boe/d $3.3 Billion 2026 Production Guidance 2026 Funds Flow 5th Largest Canadian Natural Gas Producer2 $2.05 Billion $3.3 Billion 2026 Capital Budget Sept. 30th, 202
Slide 3: Why Own Whitecap
3 WHY OWN WHITECAP Total Shareholder Return Target of 10% – 15% Annually Premium Portfolio Large Resource • Depth & Breadth of Inventory Across Multiple Plays • Inventory Rich • ~5,800 primarily light oil conventional drilling locations • PDP (700 Million boe), TP (1.5 Billion boe) and TPP • ~4,700
Slide 4: Capital Allocation Toolkit
4 CAPITAL ALLOCATION TOOLKIT Production Growth Balance Sheet • 3% – 5% per share per annum dependent • Target Net Debt / Funds Flow of 1.0x or less on commodity prices • Stress test leverage to US$50/bbl WTI • Higher growth as returns increase Capital Allocation Considerations Share Repurchases Base
Slide 5: Counter Cyclical Approach
5 COUNTER CYCLICAL APPROACH Low leverage, long inventory life, & scale allows counter-cyclical investing through commodity cycles Balance Sheet Focus • Target moderate production growth • Prioritize balance sheet to capture Balanced Approach future opportunities • Production growth + share Annual Fr
Slide 6: Continued Operational Momentum
6 CONTINUED OPERATIONAL MOMENTUM Faster cycle times across Maximizing infrastructure Optimizing drilling programs, assets lowering costs & utilization translating to stronger enhancing efficiencies & the enhancing economic returns profitability & cash flow generation continuity of existing operation
Slide 7: Disciplined 2026 Budget
7 Capital Budget 25% Conventional DISCIPLINED 2026 BUDGET 156 (133.6 net) wells $2.0 – $2.1 Billion 2026 Funds Flow Sensitivity 75% Unconventional 98 (98.0 net) wells $3.8 B $3.3 B Average Annual Production $2.9 B 22% Growth vs. 2025 average production 370 – 375 mboe/d 60% Liquids 40% Natural Gas 38
Slide 8: 2026 Free Funds Flow
8 2026 FREE FUNDS FLOW Focus on Total Shareholder Returns Target 10% – 15% Annually • Per Share Growth $3.3 B $0.3 B • Prioritizing share repurchases over production growth at $0.9 B current commodity prices • Permanently improves capital structure while $2.1 B maintaining low payout ratio • Capital
Slide 9: Asset Overview
9 ASSET OVERVIEW AB SK ✓ Premier multi-basin portfolio UNCONVENTIONAL Liquids rich, deep inventory ✓ Diversified commodity mix optimizes returns ✓ Scale enhances operating profits ✓ Deep inventory of premium locations CONVENTIONAL High netback, low decline 55% Conventional ~10,500 Inventory Location
Slide 10: Unconventional Asset Overview
10 UNCONVENTIONAL Unconventional Land Base ASSET OVERVIEW Duvernay Lands Gold Creek 1,500,000 acres Montney Lands of Montney & Duvernay rights Leveraging our deep Karr 200 km (125 miles) Musreau technical expertise and 4,700 historical success to drive Montney & Duvernay locations in improved econom
Slide 11: Alberta Montney Driving Future Growth
11 Township (6 miles x 6 miles) ALBERTA MONTNEY DRIVING FUTURE GROWTH 33% Lean Gas 38% ~4,000 Oil/Condensate Inventory Locations T55 29% R21W5 Liquids Rich Largest landholder in the Alberta Montney with ~1,000,000 acres Refer to Slide Notes and Advisories
Slide 12: Optimizing Duvernay Development
12 OPTIMIZING DUVERNAY DEVELOPMENT 14% Lean Gas 40% Oil/Condensate ~700 Inventory Locations Township (6 miles x 6 miles) T56 46% R15W5 Liquids Rich Largest Duvernay landholder with ~500,000 acres in the heart of the Duvernay at Kaybob Refer to Slide Notes and Advisories
Slide 13: Unconventional Inventory
13 UNCONVENTIONAL INVENTORY ADDITIONAL INVENTORY Oil/Cond. Liquids Rich Lean Gas Future upside locations sensitive to natural gas prices Musreau / Gold Lator / Kakwa / Resthaven / 2,100 Creek / Kaybob Kaybob Kaybob DCE&T Costs ($mm) $10.0 $11.7 $12.3 (boe/d) 800 – 1,550 1,000 – 2,000 1,500 – 2,500 I
Slide 14: Conventional Assets
14 CONVENTIONAL ASSETS 2nd largest conventional light Alberta Saskatchewan >3,000,000 acres Significant landholder across oil producer in Canada Cardium multiple, highly economic plays Charlie Lake Conv Montney Largest light oil producer in Saskatchewan 5,800 locations Cardium Light oil development
Slide 15: Conventional Inventory
15 CONVENTIONAL INVENTORY ADDITIONAL INVENTORY Alberta Saskatchewan Future upside locations Glauconite / Cardium Frobisher / Bakken ~2,900 DCE&T Costs ($mm) $4.9 $2.0 (boe/d) 270 – 965 100 – 250 IP90 (% liquids) 50% – 90% 95% PREMIUM INVENTORY (mboe) 350 – 1,000 50 – 200 P+P Reserves Primary develop
Slide 16: Large OOIP
16 LARGE OOIP Alberta & Saskatchewan OOIP Significant Recovery Potential Boundary Lake 0.8 Billion Bbls OOIP 1.4 Billion Bbls 14 Billion Bbls OOIP 35% Estimated Recovery 0.2 Billion Bbls 0.6 Billion Bbls Central Alberta 1.5 Billion Bbls OOIP 0.5 Billion Bbls TPP Booked NPV = $8 Billion 2.2 Billion B
Slide 17: Opportunities for Improved Recovery
17 OPPORTUNITIES FOR IMPROVED RECOVERY Supports sustainable volume capture for decades to come Risked Unrisked EOR EOR Project Est. Total Recovery Recovery Recovery Production Project Total OOIP Recovery To Date Remaining Remaining Area (bbls/d) Type (Million bbls) (Million bbls) (Million bbls) (Mil
Slide 18: Diversified Portfolio Maximizes Returns
18 DIVERSIFIED PORTFOLIO MAXIMIZES RETURNS Allocating capital to the highest return projects depending on commodity prices 100% Unconventional Conventional IP90 Percentage Liquids 75% 50% 25% 0% Refer to Slide Notes and Advisories
Slide 19: Strong Credit Profile
19 Debt Composition STRONG CREDIT PROFILE 50% $3.3 B 50% Fixed Interest Net Debt Variable Interest ✓ Investment-grade rating of BBB by DBRS Rate Debt Rate Debt ✓ Low effective cost of debt at 4% ✓ Target Net Debt / Funds Flow of 1.0x or less Maturity Schedule $950 MM 4.72% ✓ Ample liquidity of $1.6
Slide 20: Prudent Balance Sheet Management
20 PRUDENT BALANCE SHEET MANAGEMENT Proven leverage discipline through commodity price cycles 2.5x Net Debt / Funds Flow Ratio 2.0x 1.5x Avg. Net Debt / Funds Flow = 1.5x 1.0x 0.5x 0.0x 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e WTI (US$/bbl) $97.97 $93.00 $48.80 $43.32 $
Slide 21: Risk Management
21 RISK MANAGEMENT Downside protection to support dividend and maintain production Oil Hedges Natural Gas Hedges (% of Production Hedged) (% of Production Hedged) Swaps Swaps Collars Collars 34% 31% 29% 25% 13% 9% Q4 2025 2026 2027 Q4 2025 2026 2027 Floor Price Floor Price $93.64 $84.72 $70.80 $4.02
Slide 22: Natural Gas Price Exposure
22 NATURAL GAS PRICE EXPOSURE Long term price diversification target to minimize market risk Price Diversification 22% 20% 30% 49% 25% 29% 25% 2026 Target Refer to Slide Notes and Advisories Fixed AECO AECO U.S. & Other Markets LNG
Slide 23: Crude Oil Price Exposure
23 CRUDE OIL PRICE EXPOSURE 88% of production exposed to attractive light oil and condensate prices Medium Oil ✓ Southwest Saskatchewan 12% Condensate ✓ Montney 25% 63% Light Oil ✓ Duvernay ✓ Saskatchewan ✓ Montney ✓ Duvernay Refer to Slide Notes and Advisories
Slide 24: Asset Potential
24 ASSET POTENTIAL +325,000 boe/d Future upside potential from: • Secondary & Tertiary expansion opportunities Near-term and future • Increased recovery factor of productive capacity provides current EOR assets +90,000 boe/d flexibility to respond to market • Technology enhancements in open hole mul
Slide 25: Growth Optionality
25 Stay Flat 3% Annual Growth 5% Annual Growth 450,000 boe/d GROWTH OPTIONALITY 420,000 boe/d Illustrative outcomes under different capital allocation 372,500 boe/d scenarios and commodity price environments 2026 2030 5 Year Cumulative Funds Flow Run-Rate Free Funds Flow $20.0 B $1.9 B $17.0 B $1.5
Slide 26: Built to Provide Durable Returns Through the Price Cycles
26 BUILT TO PROVIDE DURABLE RETURNS THROUGH THE PRICE CYCLES Depth & Quality of Opportunity Premier multi-basin inventory providing scale, flexibility & long-term sustainability Technical Excellence & Top-Tier Operating Performance Integrated subsurface, drilling, completion & production optimizatio
Slide 27: Additional Information
27 ADDITIONAL INFORMATION
Slide 28: 2026 Guidance
28 2026 GUIDANCE Production Crude oil and condensate (bbls/d) 180,000 – 182,000 2026 Funds Flow Sensitivity $MM NGLs (bbls/d) 43,500 – 44,500 $60 Natural gas (mcf/d) 879,000 – 891,000 Total production (boe/d) 370,000 – 375,000 $50 $50 MM Change in Funds Flow $40 $45 MM Capital Expenditures $2.0 – $2
Slide 29: Management Track Record of Execution
29 MANAGEMENT TRACK RECORD OF EXECUTION Organic growth enhanced by strategic acquisitions 11% CAGR per share 11% CAGR per share 13% CAGR per share Funds Flow Production TPP Reserves $3,500 400,000 1,400,000 $3,000 350,000 1,200,000 300,000 1,000,000 $2,500 250,000 Boe/d Mboe $2,000 800,000 $ million
Slide 30: Disciplined Return of Capital to Shareholders
30 DISCIPLINED RETURN OF CAPITAL TO SHAREHOLDERS $9.00 Cumulative Dividend & NCIB ($/sh) $8.00 $7.73 $3.0 billion $935 million $7.00 $6.00 Total dividends paid ($6.24/share) Share repurchases completed $/share (Jan. 2013 – Dec. 2025) (May 2017 – Dec. 2025) $5.00 $4.00 $3.00 $2.00 $1.00 $0.61 $0.00 2
Slide 31: TSX: WCP wcap.ca InvestorRelations@wcap.ca
TSX: WCP wcap.ca InvestorRelations@wcap.ca January 19, 2026
Slide 32: Slide Notes
32 SLIDE NOTES Slide 8 1. Funds flow is a capital management measure. See Specified Financial Measures in the Advisories. 2. Expenditures on property, plant and equipment also referred to as "Capital Expenditures" or "Capital Budget" or "Capital Slide 2 Spending", "Capital" or "Capital Investments".
Slide 33: Slide Notes
33 SLIDE NOTES Slide 22 1. Natural gas financial exposure based on current production volumes. 2. Other markets includes Dawn, Henry Hub, Malin and power markets. Slide 16 1. Gross OOIP is based on internal estimates. Whitecap has an average working interest of 81% on the assets. See Oil and Slide 2
Slide 34: Advisories
34 ADVISORIES Special Note Regarding Forward-Looking Statements and Forward-Looking Information our belief that there is significant resource recovery upside potential on our conventional assets; our estimate for resource recovery (including as compared to our TPP reserves) including our forecasted
Slide 35: Advisories
35 ADVISORIES forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has Special Note Regarding Forward-Looking Statements and Forward-Looking Information (continued) included the above summary of assumptions and risks re
Slide 36: Advisories
36 ADVISORIES Oil and Gas Advisory Reserves "DCE&T costs" includes all direct, on-lease costs of a typical well under pad development, including drill, completion, equip and tie-in and All reserve references in this presentation are "Company share reserves". Company share reserves are our total work
Slide 37: Advisories
37 ADVISORIES Drilling Locations Production, Initial Production Rates & Product Type Information (continued) This presentation discloses drilling inventory in two categories: (i) booked locations (proved and probable); and (ii) unbooked Any reference in this presentation to initial production rates
Slide 38: Advisories
38 ADVISORIES Specified Financial Measures (continued) "Payout ratio" is a supplementary financial measure calculated as dividends paid or declared divided by funds flow. Management believes "Funds flow", "funds flow basic ($/share)" and "funds flow diluted ($/share)" are capital management measures
Slide 39: Research Coverage
39 RESEARCH COVERAGE • ATB Capital Markets • National Bank Financial • BMO Capital Markets • Peters & Co. • Canaccord Genuity • Raymond James • Capital One Securities • RBC Capital Markets • CIBC World Markets • Scotiabank Global • Desjardins Capital Markets • TD Securities • Haywood Securities • TP
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